BANGKOK - Indonesia appreciates Japan's desire to discuss the initiative, 'Asia Japan Investing for Future Initiative'. The Minister of Trade of the Republic of Indonesia Muhammad Lutfi said that Indonesia welcomed the discussion to prepare this initiative for the benefit of the region.
This was conveyed by the Minister of Trade Lutfi in a bilateral meeting with the Japanese Minister of Economy, Trade and Industry Koichi Hagiuda, Saturday (21/5). The bilateral meeting was held on the sidelines of the APEC Trade Ministers Meeting (APEC MRT) in Bangkok, Thailand on 21–22 May 2022.
Trade Minister Lutfi revealed that there are at least three things that are of concern to Indonesia regarding this initiative. These things are related to the expected results, funding mechanisms, and the planned implementation time.
Regarding the Indonesia-Japan Economic Partnership Agreement (IJEPA), Trade Minister Lutfi appreciated the efforts of the Indonesian and Japanese negotiating teams who held an intersession meeting in March-April 2022 to discuss issues that had not been agreed upon. Trade Minister Lutfi invited Minister Hagiuda to pay attention to each other's issues of interest to each country.
In January–March 2022, the total trade between Indonesia and Japan reached USD 9.98 billion. This value grew by 36.43 percent compared to the same period the previous year which amounted to USD 7.25 billion. In 2021, Indonesia's exports to Japan will reach USD 17.85 billion, while Indonesia's imports from Japan will be USD 14.64 billion. Indonesia recorded a surplus of USD 3.21 billion. (LM)